HMCH.L vs. XCHA.L

Last updated Jun 5, 2026

HMCH.L (HSBC MSCI China UCITS ETF) and XCHA.L (Xtrackers CSI 300 Swap UCITS ETF 1C) are both China Equities funds - HMCH.L tracks the MSCI China NR USD while XCHA.L tracks the MSCI China A Onshore NR CNY. Both are passively managed. Over the past 10 years, HMCH.L returned 5.59%/yr vs 10.13%/yr for XCHA.L. A 0.70 correlation means they provide meaningful diversification when combined. HMCH.L charges 0.30%/yr vs 0.50%/yr for XCHA.L.

Performance

HMCH.L vs. XCHA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI China UCITS ETF (HMCH.L) and Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HMCH.L is traded in GBp, while XCHA.L is traded in USD. To make them comparable, the XCHA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMCH.L achieves a -7.28% return, which is significantly lower than XCHA.L's 11.89% return. Over the past 10 years, HMCH.L has underperformed XCHA.L with an annualized return of 5.59%, while XCHA.L has yielded a comparatively higher 10.13% annualized return.

HMCH.L

• 1D: -0.65%
• 1M: -1.85%
• YTD: -7.28%
• 6M: -8.93%
• 1Y: 5.82%
• 3Y*: 7.83%
• 5Y*: -4.14%
• 10Y*: 5.59%

XCHA.L

• 1D: -0.57%
• 1M: 3.21%
• YTD: 11.89%
• 6M: 14.40%
• 1Y: 43.22%
• 3Y*: 12.61%
• 5Y*: 3.17%
• 10Y*: 10.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HMCH.L vs. XCHA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMCH.L HSBC MSCI China UCITS ETF	-7.28%	22.87%	20.73%	-16.33%	-13.40%	-21.06%	24.96%	17.80%	-14.28%	40.24%
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	11.89%	20.82%	18.05%	-15.45%	-15.25%	4.22%	41.57%	35.22%	-19.79%	23.54%

Correlation

The correlation between HMCH.L and XCHA.L is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 18, 2012	0.70

The correlation between HMCH.L and XCHA.L has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

HMCH.L vs. XCHA.L - Sectors Allocation Comparison

Sectors	HMCH.L	XCHA.L
Consumer Cyclical	26.1%	6.5%
Financial Services	19.2%	20.0%
Communication Services	18.4%	1.6%
Technology	10.7%	26.9%
Industrials	5.4%	16.5%
Basic Materials	5.3%	10.3%
Healthcare	5.1%	4.7%
Energy	3.5%	3.0%
Consumer Defensive	3.0%	7.2%
Utilities	1.7%	2.8%
Real Estate	1.7%	0.5%

Return for Risk

HMCH.L vs. XCHA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMCH.L

HMCH.L Risk / Return Rank: 13
HMCH.L Sharpe Ratio Rank: 14
HMCH.L Sortino Ratio Rank: 14
HMCH.L Omega Ratio Rank: 14
HMCH.L Calmar Ratio Rank: 13
HMCH.L Martin Ratio Rank: 12

XCHA.L

XCHA.L Risk / Return Rank: 83
XCHA.L Sharpe Ratio Rank: 79
XCHA.L Sortino Ratio Rank: 78
XCHA.L Omega Ratio Rank: 77
XCHA.L Calmar Ratio Rank: 93
XCHA.L Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HMCH.L vs. XCHA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF (HMCH.L) and Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HMCH.L	XCHA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.62	-2.30
Sortino ratio: Return per unit of downside risk	0.57	3.44	-2.87
Omega ratio: Gain probability vs. loss probability	1.07	1.47	-0.40
Calmar ratio: Return relative to maximum drawdown	0.34	6.92	-6.58
Martin ratio: Return relative to average drawdown	0.71	19.40	-18.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMCH.L vs. XCHA.L - Sharpe Ratio Comparison

The current HMCH.L Sharpe Ratio is 0.32, which is lower than the XCHA.L Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of HMCH.L and XCHA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HMCH.L	XCHA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	2.62	-2.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	0.15	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.45	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.34	-0.17

Drawdowns

HMCH.L vs. XCHA.L - Drawdown Comparison

The maximum HMCH.L drawdown since its inception was -56.50%, which is greater than XCHA.L's maximum drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for HMCH.L and XCHA.L.

Drawdown Indicators

	HMCH.L	XCHA.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.50%	-47.42%	-9.08%
Max Drawdown (1Y) Largest decline over 1 year	-17.18%	-6.22%	-10.96%
Max Drawdown (3Y) Largest decline over 3 years	-24.67%	-24.78%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-49.31%	-36.96%	-12.35%
Max Drawdown (10Y) Largest decline over 10 years	-56.50%	-39.52%	-16.98%
Current Drawdown Current decline from peak	-32.69%	-1.17%	-31.52%
Average Drawdown Average peak-to-trough decline	-20.25%	-18.80%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.17%	2.22%	+5.95%

Volatility

HMCH.L vs. XCHA.L - Volatility Comparison

HSBC MSCI China UCITS ETF (HMCH.L) has a higher volatility of 7.06% compared to Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) at 5.66%. This indicates that HMCH.L's price experiences larger fluctuations and is considered to be riskier than XCHA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMCH.L	XCHA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	5.66%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	11.49%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	16.44%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.67%	21.49%	+6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.21%	22.57%	+2.64%

HMCH.L vs. XCHA.L - Expense Ratio Comparison

HMCH.L has a 0.30% expense ratio, which is lower than XCHA.L's 0.50% expense ratio.

Dividends

HMCH.L vs. XCHA.L - Dividend Comparison

HMCH.L's dividend yield for the trailing twelve months is around 2.15%, while XCHA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMCH.L HSBC MSCI China UCITS ETF	2.15%	2.34%	2.17%	2.12%	1.85%	1.28%	0.92%	1.65%	1.36%	0.78%	1.89%	2.84%
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMCH.L and XCHA.L in my portfolio?

HMCH.L and XCHA.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMCH.L or XCHA.L?

On fees, HMCH.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMCH.L or XCHA.L?

HMCH.L is cheaper with a 0.30% expense ratio, compared with 0.50% for XCHA.L.

What is the main difference between HMCH.L and XCHA.L?

HMCH.L tracks MSCI China NR USD, while XCHA.L tracks MSCI China A Onshore NR CNY. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.30% for HMCH.L and 0.50% for XCHA.L.